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@nicholasmound,you have to  transfer $1500 per month to your Mauritius bank account ($18000 is the yearly amount)you can DM me if you need more info

@appelanchelle, many thanks for your reply and will DM you, Nick

I think you can apply for the permit showing $18000 in your overseas account, and you can get the agreement in principle. After you come to Mauritius, you should be able to open a bank account with the 'agreement in principle'  and a proof of local address. Some retirees have said that is the main barrier. The EDB says it should be fine, but the banks still want lots of documentation. Then transfer some money into that account to pay the fees etc. Once you have got the permit, you should be transferring at least $1500 per month, or $18000 per year; after 3 years you can then apply for the 20 year permit. If I was going down this route, I would make sure I could stay in Mauritius for at least 2 months before all this gets sorted and also get a rental agreement somewhere for at least 6 months for proof of address.

However, I might be wrong!!

Best wishes.

@nicholasmound

Great question!

@nicholasmound

Congrats!

We opened a Mauritian bank account but the rule changed while we were in the process of doing our paperwork. When we went to EDB, they didn’t care what our Mauritian bank balance was. They didn't even include our statement with our documents. They only wanted to see a certified bank statement from our country of origin. You will see different things in print so best to ask someone at EDB for the most current and accurate information. It is very helpful and necessary to have a Mauritian bank account, as you will need easy access to rupees cash and to pay bills and other expenses in rupees. As far as the balance, you do not need to deposit $1500/month. Again, check with EDB for the most current requirements.

Hi Sarahcansler and many thanks for your reply.

We will be arriving in just over 2 weeks time  (towards end Jun) to complete our visa.   Yes we did contact the EDB and they said we only need to prove that we have $18k in a foreign account and we do not need to open a Mauritius bank account now, as part of the application process, we can open a Mauritian account at our convenience thereafter, which was a huge relief!  In any case Absa for example wont open an account unless you have the permit, and I think MCB are the same.  It's pretty confusing but hopefully we are on the right track now. 

Hope all goes well when we arrive  and thanks to all in the Forum for your help and guidance, Nick

Hi Sarahcansler and many thanks for your reply.

We will be arriving in just over 2 weeks time  (towards end Jun) to complete our visa.   Yes we did contact the EDB and they said we only need to prove that we have $18k in a foreign account and we do not need to open a Mauritius bank account now, as part of the application process, we can open a Mauritian account at our convenience thereafter, which was a huge relief!  In any case Absa for example wont open an account unless you have the permit, and I think MCB are the same.  It's pretty confusing but hopefully we are on the right track now. 

Hope all goes well when we arrive  and thanks to all in the Forum for your help and guidance, Nick

´¡³ó³ó³ó….

Opening a bank account is probably the most complicated thing to do here! You may need to return a few times to complete the process… there is always one document that isn’t absolutely perfect! If you decide to use Absa, I recommend going to the Port Louis branch.

Best wishes

Many thanks for the heads-up re Absa Port Louis,  will definitely keep in mind,  Nick

I recently opened bank accounts here. I didn't need to visit a branch to open the ABSA one. It was all online. The MCB one took 3 visits, the first being a full refusal due to proof of address issues.

Best of luck with it.

Oh well, the rules are changing again! I think it is now going to be $2000 per month.

I have no idea about those who are already in Mauritius and what they need to transfer monthly/per year.

Hi KC, thanks for the info.  We will try MCB first but I know there have been many difficulties discussed on the Forum.  Presumably you had your Permit first before applying online with Absa? Regards Nick

@KC_

I am a little bit surprised:  ABSA did not want to view your original documents?

@Tookays

Where did you find this information? At EDB websites you still find 18.000 USD per year for 10 years Retire permit.

@Novalis1

No...to this day, I've never visited an ABSA branch. Digital documents were fine. My debit card was delivered by courier.

@nicholasmound

I had obtained a Premium Visa before I even landed in Mauritius. Always, the issue is proof of address.  I stayed in an AirBnB for my first 2 months, and I couldn't open a bank account during that period because of this. I had to wait until I had obtained a long term rental accommodation and I had a lease. Even then I also had to get a letter from my landlord, and a copy of their national ID card. Fortunately landlords here are used to this.

MCB Tamarin, incidentally, was the branch where I opened my account - but they point-blank refused when I was in the Airbnb and when I moved into a long-term rental, it took two more visits, and 2 weeks, to open an account. Everything here works at 'island speed'.

@Novalis1

It's definitely $2000 per month and 5 years going forward. It was only in the recent budget so perhaps has not made it to the official EDB websites yet, but the budget was passed.

@KC_

Hello. You cannot say something like the budget was passed when you clearly have no idea on the right process.

The minister of finance presented its income and expenditure for the forthcoming financial year in a speech. Now this speech has to be translated into vision by voting the requisite laws accordingly. So we cannot comment out of blue on things which are not yet laws

Let us not make this personal.

The proposals have been made, true. Will this be passed into law? With a 60-0 majority, most probably.

So, best prepare for it. It is going to happen. Potential expat retirees will be hit. Existing retirees -- no one knows yet.

What may change are the proposed regulations for the real estate sector.

Best wishes

@KC_ The minister of finance presented its income and expenditure for the forthcoming financial year in a speech. - @the_expert

FWIW:

The finance  Minister who is also the PRIME MINISTER of the country and has won a majority government (60-0) !

@External

Yes. But there are representation being made and we cannot ascertain of anything